How the Mortgage Loan Process Works

Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a simple loan app and get a great loan check cut in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four main steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

Step two: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will supply details on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. When we review all this info we will give you a letter of pre-qualification. Handle it with care — it is a useful tool for buying your new home! Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your real estate agent, we find the best program for you.

Once you have made an offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our site. Finally, we will order the appraisal of your new home.

Step four: funding

The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company on your date to close. Because you won't need to worry with this coordination, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in getting a new home.

You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! We do the mortgage legwork so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call

North American Financial nmls#180736 at (702) 524-1376. We answer questions about the loan process every day.

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